Say the fund holds large positions in illiquid assets.The fund cannot immediately sell these assets, except at a fatal loss, so it would sell its more liquid assets.

• 要是这个基金持有很大的非流动性资产，这个基金就没法立刻卖掉这些资产，除非在一个致命的亏损的时刻，那么它将出售更多流动性资产。